十五届四中全会通过的《中共中央关于国有企业改革和发展若干重大问题的决定》(以下简称《决定》),非常重视解决国有企业历史负担的问题。《决定》提出的国有企业历史负担包括:不良债务负担、富余人员负担、退休金负担、企业办社会负担。解决国企的这些历史负担的关键问题是需要大量的资金。如何筹集到解决国企历史负担所需要的资金?《决定》提出了债转股、加快国企上市变现部分国有资产、财政拨款等方式。我们这里仅就变现部分国有资产谈些看法。 通过变现部分国有资产来筹集资金而解决国有企业历史负担,涉及到国有控股上市公司资产变现和国有非上市公司的资产变现。对于上市公司的资产变现来说,主要是出售国有股权,只要国家允许出售 The Decision of the Central Committee of the Communist Party of China on Several Important Issues concerning the Reform and Development of State-owned Enterprises (hereinafter referred to as the “Decision”) adopted by the Fourth Plenary Session of the 15th Central Committee of the Communist Party of China attaches great importance to the solution to the historical burden of state-owned enterprises. The historic burden of state-owned enterprises put forward in the “Decision” includes: the burden of bad debts, the burden of surplus personnel, the burden of pensions and the burden on enterprises of social undertakings. The key issue in resolving these historical burdens of state-owned enterprises is the need for substantial funding. How to raise funds needed to solve the historical burdens of state-owned enterprises? The “Decision” put forward debt-for-equity swap and speed up the listing of state-owned enterprises to realize some state-owned assets and financial allocations. Here we only talk about the realization of some state-owned assets. The solution of the historical burden of state-owned enterprises by cashing out some state-owned assets involves the realization of the assets of the state-controlled listed companies and the realization of the assets of state-owned non-listed companies. For the realization of assets of listed companies, the main is the sale of state-owned shares, as long as the state allows sale